Qatar has reportedly invested in the Uber app

Qatar has reportedly invested in the Uber app

High stakes

Qatar’s sovereign wealth fund has apparently bought a stake in the widely used mobile taxi dispatching service Uber...

According to The Wall Street Journal, the Qatar Investment Authority (QIA) was among one of the investors who participated in a $1.2 billion financing round for the popular Uber app.

However, Uber, which allows drivers and passengers to connect via a smartphone app, has been seen as controversial in many of the countries where it operates, including the UAE. The transportation service can offer lower fees and bypass traditional taxi booking services, upsetting taxi drivers and taxi companies, with some countries such as Germany and France claiming it is an illegal taxi operation. 

With Uber already operating in Qatar, QIA's reported investment marks its first venture into a technology start-up, according to the reports. 

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